Intelect Communications changes name to TeraForce Technology
Trading under the new symbol begins at market open today. The name change was approved as a charter amendment at a special meeting of shareholders on Jan. 30, 2001, at which 94 percent of the Company's outstanding shares were represented, 99 percent of which voted in favor.
"Changing the corporate name represents an important and decisive step for us," commented TeraForce chairman and CEO Herman Frietsch. "This is effectively the capstone to our new corporate strategy announced last fall. We feel TeraForce Technology Corporation better expresses the energy, focus and dedication we bring to our mission and sets the stage for our future endeavors as we move through the execution of our new business plan. We are committed to pursuing value through innovation and are striving to build shareholder return through development and commercialization of premier technologies at the convergence of communications and computing.
"The centerpiece of our business approach is DNA Enterprises, which, through its design services business, provides us with a unique and highly valuable perspective on leading-edge technologies and emerging markets. We believe this gives us a front-row seat to the communications and computing revolution that is under way and positions us to capitalize on key intellectual assets we hold in this technology bank of DNA Enterprises.
"TeraForce is now leveraging the core strengths of DNA Enterprises to develop new product initiatives that can be expanded into pure-play businesses positioned for growth in new markets in telecommunications and Internet computing. A key element of TeraForce's new strategy is the incorporation of strategic partners in its new product initiatives at an early stage to ensure the successful and timely introduction of new technology into the market.
"Complementing our established design services business is our new DNA Computing Solutions subsidiary, which provides high performance digital signal processing (DSP) and computing products for telecommunications, imaging, military and intelligence gathering applications. In addition, our new Aegean product initiative is focused on applying revolutionary technology to deliver next generation optical networking with integrated TDM, ATM and IP switching and scalability for seamless growth in access and metropolitan networks," Frietsch concluded.
About TeraForce Technology Corporation
Based in the Richardson, Texas, Telecom Corridor, TeraForce Technology Corporation designs, develops, produces and sells DSP (digital signal processing) products and optical networking equipment, and also provides high-value product design and development services to telecommunications and networking companies. TeraForce's business units are DNA Enterprises, Inc., www.dnaent.com, and DNA Computing Solutions, Inc., www.dnacomputingsolutions.com.
Further information about TeraForce Technology Corporation can be accessed at www.teraforcetechnology.com.